Upstream
![Upstream](/cache/2016/11/PRICE-346.bfd3d91f.jpg)
2016, November, 7, 18:35:00
WORLDWIDE RIG COUNT DOWN 466
The worldwide rig count for October 2016 was 1,620, up 36 from the 1,584 counted in September 2016, and down 466 from the 2,086 counted in October 2015.
![Upstream](/cache/2016/11/USA-403.6cba64ec.jpg)
2016, November, 7, 18:30:00
U.S. RIGS UP 12
U.S. Rig Count is down 202 rigs from last year's count of 771, with oil rigs down 122, gas rigs down 82, and miscellaneous rigs up 2.
Canadian Rig Count is down 31 rigs from last year's count of 185, with oil rigs down 3, gas rigs down 29, and miscellaneous rigs up 1.
![Upstream](/cache/2016/10/USA-388.b3b60146.jpg)
2016, November, 2, 18:40:00
U.S. OIL WILL DOWN 800 TBD
Output in the U.S. will fall 800,000 barrels a day this year, Adam Sieminski, administrator for the EIA, said in an interview in Riyadh. That would be the first drop since 2008, data compiled by Bloomberg show. OPEC’s attempts to carry out an agreement on limiting production are still “very much up in the air,” he said.
![Upstream](/cache/2016/10/NABORS-7.7ae2d3eb.jpg)
2016, November, 1, 18:55:00
SAUDI & NABORS AGREEMENT
Nabors Industries Ltd. reported the signing of an agreement to form a joint venture in Saudi Arabia to own, manage, and operate onshore drilling rigs. The JV, which will be equally owned by Saudi Aramco and Nabors, is expected to be formed and commence operations in second-quarter 2017.
![Upstream](/cache/2016/10/ROSNEFT-51.6548f382.jpg)
2016, November, 1, 18:50:00
ROSNEFT & BP: YERMAK NEFTEGAZ
Rosneft and BP announce the completion of the deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.
![Upstream](/cache/2016/10/USA-387.f629fa51.jpg)
2016, October, 31, 18:50:00
DEEPWATER OIL UP
Global offshore oil production (including lease condensate and hydrocarbon gas liquids) from deepwater projects reached 9.3 million barrels per day (b/d) in 2015. Deepwater production, or production in water of depths greater than 125 meters, has increased 25% from nearly 7 million b/d a decade ago.
![Upstream](/cache/2016/09/BAKER-10.77f4c40f.jpg)
2016, October, 31, 18:40:00
GE & BAKER HUGHES: $32 BLN
- Combination creates an unparalleled company positioned to deliver value for customers and investors
- GE to own 62.5% and Baker Hughes shareholders to own 37.5% of the “New” Baker Hughes
- GE to contribute $7.4 billion to fund the $17.50 per share special dividend to existing Baker Hughes shareholders
![Upstream](/cache/2016/10/USA-384.eebedd6c.jpg)
2016, October, 31, 18:30:00
U.S. RIGS UP 4
U.S. Rig Count is down 218 rigs from last year's count of 775, with oil rigs down 137, gas rigs down 83, and miscellaneous rigs up 2.
Canadian Rig Count is down 38 rigs from last year's count of 191, with oil rigs down 11, gas rigs down 28, and miscellaneous rigs up 1.
![Upstream](/cache/2016/10/USA-383.f1ecd972.jpg)
2016, October, 27, 18:55:00
AMERICA'S HEALTH PRICE: $50
The North American market has continued to "grind slowly upwards" as the rig count, particularly in the US, ticks ahead from troughs seen six months ago, Martin Craighead said during a quarterly conference call with analysts. But "customers need to be more confident of the durability of those prices before making any significant change to their spending patterns," Craighead said.
![Upstream](/cache/2016/10/IRAQ-22.82385906.jpg)
2016, October, 27, 18:45:00
IRAQ: OUT OF DEAL
The worsening OPEC equation presents Saudi Arabia with a difficult choice after its Algiers U-turn: carry a greater burden within the group, ceding market share to other producers, or lose credibility by softening the terms of the deal. In a worst-case scenario, Saudi Arabia will have to cut production by more than 1 million barrels a day, sending the kingdom’s output to a two-year low.
![Upstream](/cache/2016/10/INVESTMENT-3.0e3e0b67.jpg)
2016, October, 26, 18:50:00
UNDERINVESTMENT OIL
Big companies responded with big cuts. BP, Eni and their peers cut exploration spending by 35% in 2015 compared with 2013, Wood Mackenzie’s data show. Many projects now focus on lower-risk, lower-reward prospects as companies hope for incremental gains near existing infrastructure that they can bring online quickly and cheaply.
![Upstream](/cache/2016/10/RUSSIA-48.71dbf785.jpg)
2016, October, 26, 18:45:00
RUSSIA: THE LARGEST PRODUCER
Russia is the world's largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas. Russia also produces significant amounts of coal. Russia's economy is highly dependent on its hydrocarbons, and oil and natural gas revenues account for more than 40% of the federal budget revenues.
![Upstream](/cache/2016/10/NORWAY-40.ea0c5fc1.jpg)
2016, October, 26, 18:40:00
RUSSIA - NORWAY EXCHANGE
The Norwegian Petroleum Directorate (NPD) and Russian petroleum authorities (Federal Subsoil Resources Management Agency, Rosnedra) have entered into an agreement to exchange seismic data from the areas around the demarcation line in the Barents Sea.
![Upstream](/cache/2016/10/OIL-398.463b2525.jpg)
2016, October, 26, 18:35:00
OFFSHORE OIL PRODUCTION: 30%
Global offshore oil production (including lease condensate and hydrocarbon gas liquids) in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global oil production. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines from 2010 to 2013. Production from onshore tight oil plays has increased faster over the past several years and accounts for an increasing amount of total oil production.
![Upstream](/cache/2016/10/NIGERIA-22.04c38265.jpg)
2016, October, 26, 18:30:00
NIGERIA'S OIL PRODUCTION UP TO 1.9 MBD
"We have built capacity of up to 2.4 million b/d, but [we are] currently producing about 1.9 million b/d," Omar Farouk, the special adviser on international energy relations to Nigeria's oil minister of state, said on the ministry's twitter handle.